Thursday May 26, 2005 - 09:39:15 GMT
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ACM REFCO - www.ac-markets.com
FX Daily Technical Strategy
EURUSD: After another day of range trading, Asian markets sent the EURUSD back to the years low at 1.2535/40 fuelled by more speculation on the outcome of the French vote this weekend. As for the technical picture: After three days of range or consolidation and with the overall-bearish trend still nicely in place it may be once at the end of the week that we get the expected movement. We now have made a triple-bottom at 1.2537 and itís the key support to break, but odds look very good that it will trade lower, target 1.2450. Resistance 1.2570 minor, 1.2610 strong, 1.2655 trend-lines.
GBPUSD: Cable has fallen to a new low of 1.8219 this morning, showing it still has more room to go to the downside. There is initial resistance at 1.8255, sell any bounce we may see in early Europe, stronger resistance and key today at 1.8310. Support 1.8230 (previous low), expect to stretch this to 1.8285 at least, 1.8225 next, then 1.8165, target still 1.8050-ish.
USDJPY: Bid up to 108.00 this morning, selling orders from here up to 108.20 should keep the dollar limited for a while. Initial support at 107.85, bullish trend-line at 107.60 and strong support 107.30. View is unchanged from yesterday, above 108, medium-term resistance remains key and exporters are enforcing that point with their selling orders, at the same time the dollar is still attracting new interests and the view remains for a rise towards 111.
USDCHF: Last 24hours saw us hold the ranges, except for a quick spike to 1.2330 in Asia this morning, chart-points remains widely unchanged, initial support now 1.2290, 1.2255 strong, 1.2220 key. Resistance 1.2315, 1.2340 strong and still expecting a rise to higher levels, target by tomorrow is 1.2525.
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